Recent figures show that the Financial Ombudsman Service (FOS) upholds the majority of claims regarding self-invested personal pensions (Sipps). This is great news for our clients with Sipp claims underway.
FOS Sipp claims
In the third quarter of 2018, 826 new Sipp claims were opened by the FOS. 62% of these cases were upheld by the ombudsman. This is a great figure, and shows the scale of pension mis-selling, as just 31% of overall cases considered by FOS were upheld.
We have hundreds of claims underway with FOS, and have already received successful payouts for many clients.
Here are just a few of the providers we’re lodging complaints against…
Liberty Sipp
We have issued 725 complaints to the FOS on behalf of clients to reclaim the £18 million they have lost.
Liberty’s trading assets were recently sold to Embark Group. However the sale will not impact our cases and we will continue to move forward to achieve positive result for our clients.
We’re confident we will see positive decisions from the FOS for these clients in the coming weeks.
Guinness Mahon
Earlier this year, we secured five initial positive decisions for clients who had invested into Sipps with Guinness Mahon.
Our clients invested in Ethical Forestry following advice received from Avacade. The unregulated firm were not authorised by the FOS to provide pension advice. However, they persuaded the our clients to make investments an into high-risk schemes including Ethical Forestry.
These clients all lost money as a result.
We’re pleased the FOS is recognising that these clients have been failed by Guinness Mahon and we hope to see more positive decisions for clients in the coming months.
Carey Pensions
We’re also pursuing cases against Sipp providers in the courts.
As a result of the Berkeley Burke Judicial Review, which you can read about here, we are able to pursue Carey Pensions through the courts for our clients.
One of our clients, Mr Richardson was named in the Berkeley Burke case as a prime example of the injustice mis-selling victims had seen.
As a result of his dealings with Carey Pensions, he was left £30,000 out of pocket. There are hundreds more like him and we are urging them to get in touch with us to get back what they are owed.
If you have dealt with any of the above Sipp firms, you may have fallen victim to mis-selling. Get in touch and we can tell you if your pension is safe before it’s too late.